I am trying to purchase my first home. I have a 644 credit score and was pre approved for 70,000. fha 3.5%

Asked by Claudia1981, Los Angeles, CA Tue Apr 28, 2009

down...Well my problem is that I am looking in the inand empire and all the home that I find and place offers on are all selling for over 20 k over the asking price and when I try to find something at around 50k they wont qualify for FHA, I'm frustrated and have been working with an agent in my area who doesnt seem to find me any homes other than the same ones I'm finding online myself. So my question is Can I realistically purchase a home? & would I be better off with an agent in the area that I'm trying to purchase the home? Your answers are much appreciated.THANK YOU!
-desperate first time home buyer :(

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James Foy, Agent, Costa Mesa, CA
Wed Apr 29, 2009
The Victor Valley does have a lot of move-in ready homes, some older 1950's-60's homes (same age as many in the Los Angeles area), many in the $50,000 range in older parts of town, but you'll have to increase your offer above these prices to be competitive with an FHA loan. Keep in mind your commute time and the cost of fuel for your vehicle. But at these levels, you could almost pay for the house and maintenance and all your living expenses on a minimum wage job. Also keep in mind that if the current administration's 'cap and trade' goes through, then we will all be paying 20% (or more) premiums on our utility and fuel bills.
1 vote
Abraham (Abe)…, Agent, Hesperia, CA
Mon Jun 1, 2009
ok here is the hint...
try to get a buyers agent (an agressive one ) not just any one
if you have any questions, please call me at 760-662-3830
Abraham R Century 21 Desert Rock
1 vote
Jory Blake, , Riverside County, CA
Wed Apr 29, 2009
Claudi, Cindy hit it on the head. There are homes available in that range but the bidding war can be discouraging. An experienced Realtor will know where ,when and how to submit an offer that has a better chance of getting accepted. I would be happy to schedule a meeting to discuss what I can do to get you into your home.

Thank you,
Jory Blake
Buyer Specialist
1 vote
David Finney, , Apple Valley, CA
Wed Apr 29, 2009
Get a local agent and move to the High desert in Victorville or Apple valley and you can get your $70,000. home.

David Finney
Century 21 Fairway
Apple Valley ca,92307
800-366-3059 x155
1 vote
Cindy Vedder, Agent, Irvine, CA
Tue Apr 28, 2009
Hi Claudia,

Join the crowd! There are many buyers in your position. Homes under $200K are receiving upward of 20+ offers. Yes, I said, 20+ offers. You are in stiff competition with thousands of other first time buyers and many, many cash investors. Homes ARE selling for over list price. I'm glad you are a buyer posing these questions because truly many people get the national news about the lousy real estate market and when we tell people in the Inland Empire what is going on here, they often do not believe us. It's a great buyers market here and the difficulty is that fewer and fewer homes are available in this price range. Your first question: yes you can realistically purchase in this price range with ALOT of work , realistic expectations and a good Realtor representing you. It will take time and effort. Your second question: yes you should have a local Realtor. Real Estate is a neighborhood trend not a national event. Let me know if I can help. Cindy Vedder, Prudential California Realty
1 vote
Bo Goulet, b…, Agent, Spring Valley Lake, CA
Fri Jun 15, 2012
There are numerous reasons to choose a Realtor that is local to the areas you are shopping. Besides having local knowledge, an agressive local Realtor will know the local homebuyer's assistance programs. If in doubt, contact a local Realtor to find out more!
0 votes
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